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With reference to the Union Budget 2021-22, consider the following statements:
1. It is proposed to take up decriminalization of the Limited Liability Partnership (LLP) Act, 2008.
2. It is proposed to revise the definition under the Companies Act, 2013 for Small Companies by increasing their thresholds for Paid-up capital from "not exceeding Rs 50 lakh" to "not exceeding Rs 1 crore".
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
With reference to the Union Budget 2021-22, consider the following sta...
Union Minister for Finance proposed reforms for small companies and MSMEs to strengthen the startup ecosystem while presenting Union Budget 2021-22 in Parliament.
- It is proposed to take up decriminalization of the Limited Liability Partnership (LLP) Act, 2008 on similar lines of decriminalizing the procedural and technical compoundable offences under the Companies Act, 2013 now complete.
- It is proposed to revise the definition under the Companies Act, 2013 for Small Companies by increasing their thresholds for Paid-up capital from "not exceeding Rs 50 lakh" to "not exceeding Rs 2 crore" and turnover from "not exceeding Rs 2 crore" to "not exceeding Rs 20 crore".
- It is proposed to incentivize the incorporation of One Person Companies (OPCs) by allowing OPCs to grow without any restrictions on paid-up capital and turnover and allowing their conversion into any other type of company at any time.
- During the coming fiscal 2021-22, the Government will launch data analytics, artificial intelligence, machine learning-driven MCA21 Version 3.0. This Version of MCA 3.0 will have additional modules for e-scrutiny, e-Adjudication, e-Consultation and Compliance Management.
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With reference to the Union Budget 2021-22, consider the following statements:1. It is proposed to take up decriminalization of the Limited Liability Partnership (LLP) Act, 2008.2. It is proposed to revise the definition under the Companies Act, 2013 for Small Companies by increasing their thresholds for Paid-up capital from "not exceeding Rs 50 lakh" to "not exceeding Rs 1 crore".Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
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With reference to the Union Budget 2021-22, consider the following statements:1. It is proposed to take up decriminalization of the Limited Liability Partnership (LLP) Act, 2008.2. It is proposed to revise the definition under the Companies Act, 2013 for Small Companies by increasing their thresholds for Paid-up capital from "not exceeding Rs 50 lakh" to "not exceeding Rs 1 crore".Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the Union Budget 2021-22, consider the following statements:1. It is proposed to take up decriminalization of the Limited Liability Partnership (LLP) Act, 2008.2. It is proposed to revise the definition under the Companies Act, 2013 for Small Companies by increasing their thresholds for Paid-up capital from "not exceeding Rs 50 lakh" to "not exceeding Rs 1 crore".Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Union Budget 2021-22, consider the following statements:1. It is proposed to take up decriminalization of the Limited Liability Partnership (LLP) Act, 2008.2. It is proposed to revise the definition under the Companies Act, 2013 for Small Companies by increasing their thresholds for Paid-up capital from "not exceeding Rs 50 lakh" to "not exceeding Rs 1 crore".Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?.
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